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Pineapple Consolidated, Inc. (PCI), a 25% minority-owned asset of Pineapple Express Cannabis Company (OTC: PNXP), faces a lawsuit from rapper 2 Chainz over his investment in PCI’s Hollywood cannabis dispensary. The lawsuit comes after the dispensary’s temporary closure in late July and throughout August. PCI is working to resolve the issue through private arbitration, as stipulated in their agreement with 2 Chainz’s investment group.
The temporary closure is due to a court-ordered restructuring of ownership, involving the removal of a social equity partner. This precautionary measure ensures compliance with local cannabis regulations during the ownership transition. The Hollywood dispensary is set to relaunch on September 1st, fully compliant with local and state laws.
Pineapple Consolidated, Inc. (PCI), un’azienda con una partecipazione di minoranza del 25% della Pineapple Express Cannabis Company (OTC: PNXP), è stata citata in giudizio dal rapper 2 Chainz riguardo al suo investimento nel dispensario di cannabis di PCI a Hollywood. La causa è stata intentata dopo la chiusura temporanea del dispensario alla fine di luglio e per tutto agosto. PCI sta cercando di risolvere la questione attraverso un arbitrato privato, come stabilito nel loro accordo con il gruppo di investimento di 2 Chainz.
La chiusura temporanea è dovuta a una ristrutturazione della proprietà ordinata dal tribunale, che prevede la rimozione di un partner equity sociale. Questa misura precauzionale assicura la conformità alle normative locali sulla cannabis durante la transizione della proprietà. Il dispensario di Hollywood riaprirà il 1° settembre, completamente conforme alle leggi locali e statali.
Pineapple Consolidated, Inc. (PCI), un activo de propiedad minoritaria del 25% de Pineapple Express Cannabis Company (OTC: PNXP), enfrenta una demanda del rapero 2 Chainz sobre su inversión en el dispensario de cannabis de PCI en Hollywood. La demanda surge tras el cierre temporal del dispensario a finales de julio y durante todo agosto. PCI está trabajando para resolver el problema a través de un arbitraje privado, tal como se estipula en su acuerdo con el grupo de inversión de 2 Chainz.
El cierre temporal se debe a una reestructuración de la propiedad ordenada por el tribunal, que implica la eliminación de un socio de equidad social. Esta medida preventiva asegura el cumplimiento de las regulaciones locales sobre cannabis durante la transición de propiedad. El dispensario de Hollywood volverá a abrir el 1 de septiembre, cumpliendo totalmente con las leyes locales y estatales.
Pineapple Consolidated, Inc. (PCI)는 Pineapple Express Cannabis Company (OTC: PNXP)의 25% 지분을 가진 자산으로, 래퍼 2 Chainz로부터 PCI의 할리우드 대마초 판매점에 대한 투자 건으로 소송을 당했습니다. 이 소송은 지난 7월 말과 8월 내내 일어난 판매점의 임시 폐쇄 이후 제기되었습니다. PCI는 2 Chainz의 투자 그룹과의 계약에 따라 개인 중재를 통해 문제를 해결하기 위해 노력하고 있습니다.
임시 폐쇄는 소셜 에쿼티 파트너를 제거하는 소송에 의해 명령된 소유권 재구성 때문입니다. 이 예방 조치는 소유권 전환 기간 동안 로컬 대마초 규정을 준수하는 것을 보장합니다. 할리우드 판매점은 9월 1일 다시 개장할 예정이며, 지역 및 주 법률을 완벽하게 준수합니다.
Pineapple Consolidated, Inc. (PCI), un actif détenu à 25% par Pineapple Express Cannabis Company (OTC: PNXP), fait face à une poursuite du rappeur 2 Chainz concernant son investissement dans le dispensaire de cannabis de PCI à Hollywood. La plainte a été déposée après la fermeture temporaire du dispensaire à la fin juillet et pendant tout le mois d’août. PCI s’efforce de résoudre le problème par le biais d’un arbitrage privé, comme stipulé dans leur accord avec le groupe d’investissement de 2 Chainz.
La fermeture temporaire est due à une réorganisation de la propriété ordonnée par le tribunal, impliquant le retrait d’un partenaire d’équité sociale. Cette mesure préventive garantit la conformité aux réglementations locales sur le cannabis pendant la transition de propriété. Le dispensaire d’Hollywood rouvrira le 1er septembre, pleinement conforme aux lois locales et nationales.
Pineapple Consolidated, Inc. (PCI), ein 25% minderheitlich gehaltenes Unternehmen der Pineapple Express Cannabis Company (OTC: PNXP), sieht sich einer Klage des Rappers 2 Chainz wegen seiner Investition in den Cannabis-Dispensary von PCI in Hollywood gegenüber. Die Klage wurde nach der vorübergehenden Schließung des Dispensary Ende Juli und während des gesamten Augusts eingereicht. PCI arbeitet daran, das Problem durch private Schlichtung zu lösen, wie es in ihrer Vereinbarung mit der Investmentgruppe von 2 Chainz festgelegt ist.
Die vorübergehende Schließung ist auf eine vom Gericht angeordnete Umstrukturierung des Eigentums zurückzuführen, die die Entfernung eines sozialen Equity-Partners beinhaltet. Diese Vorsichtsmaßnahme gewährleistet die Einhaltung der lokalen Cannabis-Vorschriften während des Eigentümerwechsels. Der Dispensary in Hollywood soll am 1. September wiedereröffnet werden, vollständig konform mit den lokalen und staatlichen Gesetzen.
Positive
- PCI is actively working to resolve the lawsuit through private arbitration
- The company secured a court order to remove a social equity partner, potentially improving operations
- The Hollywood dispensary is set to relaunch on September 1st, fully compliant with regulations
Negative
- Celebrity investor 2 Chainz has initiated a lawsuit against PCI
- The Hollywood dispensary is temporarily closed for the entire month of August
- Negative media coverage due to the lawsuit and dispensary closure
Company recently named in a lawsuit by famous rapper in connection with a dispensary investment
LOS ANGELES, CA, Aug. 12, 2024 (GLOBE NEWSWIRE) — Pineapple Consolidated, Inc., (the “Company” or “PCI”) a 25% minority owned asset of Pineapple Express Cannabis Company (OTC: PNXP), a publicly traded company, today disclosed that a celebrity investor in PCI’s Hollywood cannabis dispensary, 2 Chainz, has initiated a legal action against PCI regarding his investment. The lawsuit alleges dissatisfaction with his investment which PCI believes was heightened after seeing the dispensary temporarily closed in the last week of July and its planned closure for the entirety of August. The situation has attracted some media coverage. A thoughtful and balanced perspective on the matter can be found by clicking here.
Company management confirms they are actively working to resolve this issue in private arbitration, which is allowed for in the agreement they signed with 2 Chainz’s investment group. PCI is committed to resolving the matter discreetly and amicably, in full adherence to the contract terms.
Company management also confirmed that the Pineapple Express Hollywood store is temporarily closed during the month of August due to a restructuring of ownership involving removal of a social equity partner, which PCI secured by court order. This precautionary closure was implemented to guarantee strict adhereance to local cannabis regulations in finalizing the ownership transition. The Hollywood dispensary will be relaunching on September 1st, fully compliant with local and state laws.
“While it’s unfortunate that one of our celebrity investors is publicly expressing dissatisfaction, and we do not subscribe to the idea that ‘all press is good press’, we view this as an opportunity to reframe the narrative and transform this challenge into a positive outcome,” said PCI Director, Matthew Feinstein. “The temporary closure of our Hollywood dispensary that likely exacerbated the issue with our celebrity investor was a proactive step taken to ensure compliance with local regulations. We adopted this conservative approach to protect our license during the transition to a more supportive social equity partner. We see September 1st as a pivotal fresh start for Pineapple Express Hollywood.”
About Pineapple Consolidated, Inc.
Pineapple Consolidated. Inc. is based in Los Angeles, California. The Company is engaged in legal cannabis retail under the brand name of Pineapple Express, Pineapple Consolidated Inc. (pineappleconsolidated.com), which owns and manages retail cannabis ventures under the Pineapple Express name and via www.PineappleExpress.com. Pineapple Consolidated seeks to become the leading portfolio management company in the U.S. cannabis industry. Pineapple Express is working to rapidly increase its footprint throughout California and looking to scale into underdeveloped markets.
Forward-Looking Statements:
Company Contact:
Matthew Feinstein,
Managing Director & Investor Relations
Pineapple Consolidated, Inc.
Office: 888-245-5703
FAQ
Why is rapper 2 Chainz suing Pineapple Consolidated, Inc. (PNXP)?
2 Chainz is suing Pineapple Consolidated, Inc. due to dissatisfaction with his investment in PCI’s Hollywood cannabis dispensary, exacerbated by the dispensary’s temporary closure in late July and throughout August 2024.
When will the Pineapple Express Hollywood dispensary reopen?
The Pineapple Express Hollywood dispensary is scheduled to relaunch on September 1, 2024, after completing a restructuring of ownership and ensuring compliance with local and state regulations.
What is the reason for the temporary closure of Pineapple Express Hollywood dispensary in August 2024?
The dispensary is temporarily closed due to a court-ordered restructuring of ownership, involving the removal of a social equity partner. This closure ensures compliance with local cannabis regulations during the ownership transition.
How is Pineapple Consolidated, Inc. (PNXP) addressing the lawsuit from 2 Chainz?
Pineapple Consolidated, Inc. is actively working to resolve the issue with 2 Chainz through private arbitration, as allowed for in the agreement signed with the rapper’s investment group.
